Italy set to adopt austerity package

Italy’s senate is due to vote on an austerity package that will cut $67bn from the budget over three years.

The government has also announced its plans to sell stakes in state-owned companies.

Speculation over whether Italy is next in line for a Greek-style bailout has hurt investor confidence.

At the beginning of the week, stock exchange plunged to new lows while the profits of big corporations and the country’s biggest banks have also suffered.

Italians are already feeling the strain.

Al Jazeera’s Claudio Lavanga reports from Rome.